After Friday’s miserable half session performance, stocks rose at the sound of the opening bell this morning and held the gains, and even added to them, as the trading session wore on. There was no real catalysts for the rally (as there was really no catalyst for Friday’s weakness either), but the good news was that stocks were able to hold on to their early gains. That’s a positive that hopefully can be built on. Of course, it could just be another quick one day dead cat bounce that is common during a bear market.
As for today, by the close the Dow Jones Industrial Average was up 354 points to finish the day at 24,640. The S&P 500 was up 40 points to close at 2,673. Gold was down a fraction to trade at $1,222 per ounce, while oil was up $1.27 to trade at $51.69 per barrel WTI.
Black Friday seems to have gone well for retailers, which was expected, but nevertheless was likely a relief to investors as they prepared to trade this week. Let’s see if the bulls can build on today’s advance and put together a little winning streak. We’ll let you know as the week unfolds.
Have a nice evening everyone.